Question: Please Help TABLE 3-1 Minimum Wage Hourly Rates by State AK $ 9.89 IA $ 7.25 MS Nonet PA $ 7.25 AL Nonet ID 7.25


Please Help


TABLE 3-1 Minimum Wage Hourly Rates by State AK $ 9.89 IA $ 7.25 MS Nonet PA $ 7.25 AL Nonet ID 7.25 MT $ 8.50* RI 10.50 AR 9.25 IL 8.25 NC 7.25 SC Nonet AZ 11.00 IN 7.25 ND 7.25 SD 9.10 CA 11.00* KS 7.25 NE 9.00 TN Nonet CO 11.10 KY 7.25 NH 7.25 TX 7.25 CT 10.10 LA Nonet NJ 8.85 UT 7.25 D.C. 13.25 MA 12.00 NM 7.50 VA 7.25 DE 8.75 MD 10.10 NV 8.25* VT 10.78 FL 8.46 ME 11.00 NY 11.10* WA 12.00* GA 5.15 MI 9.25 OH 8.55* WI 7.25 HI 10.10 MN 9.86* OK 7.25 WV 8. 75 MO 8.60 OR 10.75 WY 5.15 (Source: U.S. Department of Labor, 2019) * Variances exist depending on metropolitan area, business size, or employee benefits available. Be sure to check with the state revenue department for specific metropolitan areas and businesses. +In states with no minimum wage, the federal minimum wage prevails.Janice Lucas is the president of Miller Custom Coffee Roasters. She drives a 2018 Mercedes E300 with a fair market value of $57,500. The lease value is $14,750. The odometer started at 690 and was reported at 31,590 at the end of the year. The car was available all of 2019. Janice reported that she drove 30,900 miles during 2019, of which 10,200 were for personal reasons. The company pays all her fuel and charges her 5.5 cents per personal mile for fuel costs. Use Table 3-1. Required: What is her 2019 valuation using the lease value rule? (Do not round your intermediate calculations and round your final answer to 2 decimal places.) X Answer is complete but not entirely correct. Total Personal Use Taxable Income $ 5,428.50 X
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
